Colombian gambling regulator orders block on Polymarket
Summary
Coljuegos, Colombia’s gambling regulator, has ordered internet service providers to block access to Polymarket after declaring the cryptocurrency-settled prediction platform operates as illegal gambling in the country. The move targets markets that allow wagering on political elections and follows the opening of an official investigation into Polymarket’s local activities. Coljuegos president Marco Emilio Hincapié emphasised that prediction markets are treated the same as traditional games of chance under Colombian law and warned of associated gambling harms.
Key Points
- Coljuegos ordered ISPs to block Polymarket for operating without a Colombian gambling licence.
- The regulator opened an investigation and singled out election-related markets on the platform.
- Coljuegos regards prediction markets as equivalent to gambling, citing risks including addiction.
- The regulator has requested blocking of over 28,000 unlicensed sites and plans to add around 3,000 more this year.
- Only 14 online operators are licensed in Colombia; licensed operators have contributed COP257bn for subsidised healthcare and nearly COP783bn in VAT so far this year.
- Polymarket, which uses cryptocurrency settlement and counts high-profile backers, has faced restrictions in multiple jurisdictions globally.
Why should I read this?
Short and blunt: if you work in iGaming, crypto prediction markets or compliance — pay attention. Colombia has drawn a line in the sand, calling prediction markets gambling rather than “trading.” That changes market access, compliance risk and product strategy fast. We’ve skimmed the detail so you don’t have to.
Author note
Punchy: This is a significant regulatory escalation. For operators and platforms eyeing LatAm, it’s a red flag — regulators are willing to block access and enforce licensing to protect tax receipts and public services.
Context and relevance
The decision sits within a broader global trend of regulators scrutinising crypto-backed prediction markets. Authorities in France, Switzerland, Belgium, Singapore, Taiwan and Poland have previously restricted Polymarket. The case underscores regulatory tension over whether such platforms are forecasting tools or unlicensed gambling, and it highlights the fiscal and social arguments regulators use to defend strict enforcement.
Source
Source: https://next.io/news/regulation/colombian-gambling-regulator-orders-block-polymarket/
